The HECM Home Equity Loan is so much more than just a Reverse Mortgage Loan.
Let's say you are at least age 62 and looking for a financial resource to improve your access to cash -- for monthly cost of living expenses, for medical bills, or just to have available funds at the ready for special needs. You have equity in your home, but you are not yet ready to sell it. After all, where would you go!? The Home Equity Conversion Mortgage (HECM) may be just right for you.
Option #1: Refinance your current mortgage and convert your home equity into monthly payments. Live in your home until you sell, move, or die. And, never have to make monthly principal or interest mortgage payments so long as you comply with the loan terms.
Option #2: Establish a Standby Line of Credit that you can tap into when needed. Prevent the necessity to sell investments at a loss during down markets. Have access to cash to manage elder health care requirements.
Option #3: A way for retirees to purchase a home with special advantages that set it apart from conventional mortgage financing options. Downsize to that new senior condo or cottage without the requirement to bring "all cash" to the closing table.
Age in Place
The FHA-insured Home Equity Conversion Mortgage (HECM) may be a wonderful solution for you, a Home Equity Loan with special advantages.If approved, you can stay in your home, you can have access to a percentage of your available equity, you have no requirement to make monthly principal or interest payments and, best of all, you can sell the home when you are ready and keep any profits that exceed the loan balance. Real estate taxes, homeowners insurance, homeowners association fees, and other property charges must be paid directly by the borrower.
Listen and Learn
Listen to Bill Hornbeck, Your Reverse Mortgage Expert, talk about the Home Equity Conversion Mortgage and the primary financial tools that can help you stay in your home, receive monthly payments, buy that unique retirement condo, or establish a standby line of credit to balance investments or pay for elder healthcare"This is Bill Hornbeck, your Reverse Mortgage Expert. Thanks for joining me today because we are going to discuss a most incredible financial product, and yet, one that is also the most incredibly misunderstood product in the home equity financing market. And that’s the Reverse Mortgage".